Corporate digest
Hong Leong Asia
The company has hired Stephen Ho Kiam Kong as chief executive (CEO) and director. His appointment as director takes effect from Aug 3; he will assume full responsibilities as CEO from Aug 17. He was the chief financial officer (CFO) of Wilmar International until May 31. Before that, he was senior vice-president and CFO for Greater China at Philips Electronics China Group from 2003 to 2011.
Hong Leong Finance
The bank has been ranked 640th among the world's top 1,000 banks by The Banker, an economic and financial report by The Financial Times, rising 27 spots from last year's ranking.
Hong Leong attributed the rise in the ranking to the 7.8 per cent growth in its Tier 1 capital to US$1.33 billion as at end-Dec 2019, a measurement tool used by The Banker to map a financial institution's financial strength.
Far East Orchard
The group expects to report a net loss for H1 FY20, mainly due to losses expected in the group's hospitality business. That business has been adversely impacted by the Covid-19 pandemic, impairment on valuation of hospitality assets as well as impairment on goodwill arising from its hospitality property ownership business in Australia.
However, the group has sufficient liquidity to meet its operational needs and financial commitments, and will continue to exercise "prudent balance sheet management".
AEM Holdings
The group has acquired California-based DB Design Group for US$3.3 million, funded by cash and an issuance of shares in AEM worth US$600,000.
DB Design supplies automation fixtures, device kits and other test-related products. It has a key team of designers and machinists located in California serving the Silicon Valley customer base.
AEM said it intends to leverage DB Design's capabilities to expand its product offerings and customer portfolio in the semiconductor and electronics spaces.
